MadeiraMadeira is a group of Islands (with the island of Madeira being the largest) in the Atlantic Ocean, situated about 1000 kilometers from Portugal. The Islands were traditionally Portuguese, but received partial independence in the 1970's. Communications are good. Portuguese is the local language, including for business and financial matters, but English is also used extensively in international trade. NACS can arrange translation.
Offshore Companies:
There are several types of companies designed by the authorities for international trading operations, which can be discussed upon request.
Setting up a Madeira Company:
The desired name must be agreed, and a Free Trade Zone license obtained, then a notarized deed is filed with the company registry. Documentation is in Portuguese.
Buying a Madeira Company:
NACS can offers off the shelf companies upon request. Name changes can be accomplished.
Company name guidelines and restrictions:
The name must incorporate a description of the objects of the company (e.g. Trading, Consulting, etc.). The name must be in the Latin alphabet, any name can be chosen provided it is not already in use, it is not obscene, and it does not imply insurance, banking, royal, or governmental related operations or sponsorship. It may end with an approved company designation or abbreviation (Limitada, LDA, Sociedade Anonima, S.A.). Names implying or conveying an involvement in banking or insurance operations require consent.
Capital Requirements:
No minimum level required.
Local Registered Office Requirements:
A Madeiran Company must always maintain a registered office in the Islands. NACS can provide these services for a fee via its associates.
Annual Company License:
This is acquired at the beginning and must be maintained annually thereafter. The annual license fees vary with the share capital of the company. Annual license fees not paid on time incur penalties.
Director Requirements:
At least one or three directors must be appointed and maintained depending on the type of company (who cannot be corporate directors). There is no residence or nationality requirement.
Shareholder Requirements:
This varies with the type of company
Company Secretary Requirements:
A company secretary must be appointed for one type of company: it must be a person: no nationality or residence requirements. NACS normally will perform this function, for a fee.
Share Types Allowed:
Registered or bearer shares are permissible, depending on the type of company.
Taxation Requirements:
There is no taxation for a Madeiran company's operations until the year 2011. There exists an extensive set of tax treaties.
Exchange Controls:
There are no exchange controls.
Reporting Requirements:
Financial accounts and a tax form are required to be filed annually.
Secrecy:
No explicit secrecy legislation exists. Disclosure of beneficial ownership to the authorities is not required.
Annual Tax/Filing Fee:
There is an annual license fee of US$ 1,500.00, which is reduced to US$1,000.00 for companies represented by licensed Madeiran management companies.